Wednesday, December 13, 2017 3:53:37 PM
For me, an IRA is a place to put some money for safekeeping. It is also a place--for me--- to see if I can't build it into something greater than merely money saved.
My wife's regular IRA is showing an 18% gain YTD at this moment. If we spend an extra $100 for the CPA, so be it. If we lose out on one of the benefits of holding an MLP, so be it. I'm not opposed to paying Uncle Sam his due, nor does it disturb me when paying the CPA. For me it's all about the race I run within myself as in:
Can I top what I did last year?
If not, do I need to change the portfolio composition?
Do I need to change my thinking?
And eventually, I figure I'll have to confront this:
Am I the guy still capable of managing the accounts or is it time for me to move on to another individual I'll trust to preserve and perhaps even grow the accounts?
Tough questions that must not be avoided at all costs.
So, in answering your question---no, I don't concern myself with tax issues. So long as I can produce good results and we don't want for anything purchasable with money, I'm very happy. Let the CPA do the work, I say. And if I'm throwing a little money away needlessly? Someone will always be there to catch it so that has me feeling good, too.
The trick is to make so much profit that these tax matters become irrelevant. Last year I gained 65.66% for the year. This year I'm right at about +40% including three IRA's and all are climbing quickly. But the true measure of effectiveness is my much larger general (unsheltered) account which is 53% ahead, YTD.
Good question but I think you'd be wise in asking a tax person to run the numbers to see how much you lose in the process if you do as I do which is to populate our IRAs largely with MLPs.
I'm sure many here, including myself, would appreciate hearing back from you regarding your experiences.
Thanks for asking!
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